Semester: I Elementary Economics-I Course Code: …1 Semester: I Elementary Economics Objective: -I Course Code: EC 1501 and EC 1101 No. of Credits: 04 Learning Hours: 60 hrs The objective

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Objective:

Semester: I Elementary Economics-I

Course Code: EC 1501 and EC 1101 No. of Credits: 04

Learning Hours: 60 hrs

The objective of this paper is to introduce the basic concepts of economics to

the students so as to enable them for further learning in economics.

Learning Outcome:

After studying this paper the student will be able to understand the basic

concepts of economics and equip oneself to understand the subject in greater

detail, later semesters.

Unit-1: Basic concepts

Concepts of: Utility, Goods and services. Money, wealth and welfare, Value

and price, monetary income and real income, Concept of: Consumption,

Production, Firm and Industry, cardinal and ordinal utility, Scarcity of

resources and problem of choice. Definitions of economics by: Adam Smith,

Marshall and Lionel Robbins. Distinction between micro economics and

macroeconomics, Types of economies: capitalist economy, socialist economy

and Mixed Economies.

Unit-2: Demand analysis

Basic assumptions of marginal utility analysis, its limitations, Law of

diminishing marginal utility, Derivation of demand curve with the help of

utility analysis. Demand function, Law of demand, Expansion and contraction

of demand, Increase and decrease in demand. Elasticity of demand, its types

and methods of calculation, Factors affecting elasticity of demand. Network

Externality: Bandwagon Effect and Snob Effect.

Unit-3: Supply analysis and price determination

Meaning of supply, Difference between supply and stock, Supply function,

Law of supply, Expansion and contraction of supply, Increase and decrease

in supply, Elasticity of supply and factors affecting elasticity of supply,

Equilibrium price determination. Price Control: Price ceiling and price floor.

Effect of changes in demand and supply on price-individually and jointly,

Marshall’s Concept of Consumer Surplus.

Unit-4: Factors of production and division of labour:

Meaning and characteristics of land, labor, capital and entrepreneurship,

Meaning, types, advantages and disadvantages of division of labor, Factors

affecting division of labor, Production function: meaning, short run and long

run production function.

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References:

1. Lipsey, Richard., & Chystal, Alec,. (2011), Economics

2. Samuelson, Paul., & Nordhas, William (2010), Economics

3. Ahuja, H,L. (2016), Principles of Microeconomics

4. Mankiw, G. (2012), Principles of Economics (6th edition)

5. Salvatore, D. (2003), Microeconomics, Schaum’s Outline (4th

edition)

6. Pindyck, R., & Rubinfeld, D. (2017) Microeconomics (8th edition)

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Semester: I Indian Economy-I



Objective:

The main objective of this paper is to introduce the student to basic understanding of the Indian economy and measurement of various macroeconomic variables.

Learning Outcome:

After studying this paper the student will be able to understand the Indian economy better and will get some idea about the problems faced by the

economy.

Unit-1: Introduction to Indian Economy

Basic characteristics and features of Indian economy, Comparative study of Indian Economy with reference to agriculture, industry and service sector, before and after 1991, Liberalization, Privatization and Globalization,

demonetization: concept and impact

Unit-2: National Income and Occupational structure

Old and new concepts of measuring national income and its implications, Methods of calculating national income, Its limitations and uses, Trends in India’s GDP and per capita GDP since independence, Concept of GDP deflator.

Occupational Structure and economic development: Share and trends of agriculture, industry and services sectors in the GDP of India and employment, Comparison with developed countries

Unit-3: Agriculture Role and place in development of Indian Economy, Green Revolution: meaning, components, advantages and disadvantages. Causes and remedies

of low productivity in agriculture in India, Concept of organic agriculture, and present status of Indian Agriculture: Looming agricultural crisis, New Thrust

areas in agriculture, Agricultural marketing – APMCs, Overview of Land reforms and its limitations, corporate agriculture and contract farming.

Unit-4: Population Theory of demographic transition with reference to India, Demographic profile of India since 1950-51: birth rate, death rate, growth rate, gender ratio, age

composition, density of population, rural-urban distribution of population, Infant Mortality Rate (IMR), Maternal Mortality Rate (MMR), fertility rate, average life expectancy, literacy rate, Recent Population policy of Government

of India, advantages and disadvantages of demographic dividend.

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References:

1. D, Gaurav., & M, Ashwini (2016), Indian Economy (72nd edition) 2. Puri, V, K,. & Mishra, S, K,. (2015) Indian Economy (33rd revised

edition) 3. Kapila, Uma. (2017), Indian Economy: Performance and Policy 4. Kapila, Uma. (2017), Indian Economic Development since 1947. 5. Jalan, Bimal,. (2004), The Indian Economy: Problems and Prospects 6. Agrwal, A,N,. (2003), Indian Economy: Problems of Development and

Planning 7. Economic Survey, Various years, GOI

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Semester: I

Elementary Economics-1 Course Code: EC 1201

No. of Credits: 04


Objective:

The objective of this paper is to introduce the basic concepts of

economics to the students so as to enable them for further learning in

economics.

Learning Outcome:

After studying this paper the student will be able to understand the

basic concepts of economics and equip oneself to understand the subject

in greater detail, later semesters.

Unit-1: Basic concepts

Basic concepts and definition: Utility: goods and services. Money, wealth and welfare, Value and price, monetary income and real income, Types

of Economies: Capitalist, socialist and mixed economy, Scarcity and problem of choice .Meaning and definition of economics by Prof. Lionel

Robbins.

Unit-2: Demand analysis

Law of diminishing marginal utility, meaning of demand, Derivation of demand curve with the help of utility analysis, Law of demand, Expansion and contraction of demand, Increase and decrease in

demand.

Unit-3: Supply analysis and price determination

Meaning of supply, Difference between supply and stock, Supply function, Law of supply, Expansion and contraction of supply, Increase and decrease in supply

Unit 4: Factors of production and division of labor

Meaning and characteristics of land, labor, capital and

entrepreneurship, Meaning types, advantages and disadvantages of division of labor

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References:





5. Salvatore, D. (2003), Microeconomics, Schaum’s Outline (4th edition)


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Semester: II Elementary Economics-II



Objective:

The main objective of this paper is to introduce the student to the concepts of market, money and its importance, growth and development and budgeting of the government.

Learning Outcome:

The student, after studying this paper, will get basic understanding of market, role of money, meaning of growth and development and the

functioning of government through budget.

Unit-1: Production cost

Market, Revenue and Cost Meaning and functions of market, Concepts of

revenue: average, marginal and total revenue. Concepts of cost: fixed,

variable, total, average, average fixed, average variable and marginal cost,

Relationship between average and marginal cost. Short run and long run cost.

Unit-2: Money

Money: Definitions, functions and types of money. Demand for and supply of

money, Factors affecting demand for and supply of money, concept of broad

and narrow money, M1, M2, M3 and M4 in the Indian economy, Keynes’ Motives

of demand for Money.

Unit-3: Growth and Development

Concepts of economic growth and development, components of human

development: equality, education, health, poverty, gender disparity,

Indicators of economic and human development: GDP, per capita GDP, PQLI,

Minimum need approach, HDI, GDI, GII, GEM, HPI-1, HPI-2, and

Multidimensional Poverty Index (MPI).

Unit-4: Budget:

Meaning of budget, Types of Budget: balanced and unbalanced, Performance

budget and Zero-based Budgeting, Types of receipts, Concepts of direct and

indirect taxes and their advantages and disadvantages, Types of expenditure:

development and non development, plan and non-plan, various concepts of

deficits: revenue deficit, capital deficit, budgetary deficit, primacy deficit and

fiscal deficit.

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References:







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Semester: II Indian Economy-II



Objective:

This paper helps student to understand the role and importance of industrial

sector vis-à-vis public and private enterprises in the economic development of

India. It also provides the student a basic idea about the service and

unorganized sectors of the country.

Learning Outcome:

The student, after studying this paper, will be able to appreciate the relative

importance of industrial sector, service sector and the unorganized sector in

the Indian economy.

Unit-1: Industries

General Classification of Industries: On the basis of: (A) SIZE: small, medium

and large, (B) TYPES: Consumer goods, capital goods, intermediate goods,

infrastructural and ancillary goods, (C) OWNERSHIP: Public, private,

cooperative, small, cottage, multinational companies, (D) FACTOR

INTENSITY: labor intensive, capital intensive, (E) ORIENTATION: Domestic,

foreign, etc. Importance and limitations of small scale industries, Production

and employment scenario: Trends in share of industries in national income.

Meaning & Role of Industrialization, Make in India, start up policies, MUDRA

bank

Unit-2: Public and Private Sectors Industries

Role and importance of public and private sectors in Indian economy, Public

sector: objectives, performance and limitations, share of public and private

sectors in national income and change in employment. Scenario,

Disinvestment

Unit-3: Service Sector in India

Meaning of services and importance of service sector: Its roles, trends and

performance of service sector in Indian economy. Types of services: Hotels and

Restaurants, Transport, storage, communications, finance, insurance and

banking, concept of digitalization and its impact on Indian economy.

Unit-4: Unorganized sector

Meaning and definition of unorganized sector, Size and employment in

unorganized sector, Importance and problems of unorganized sector, Share of

Unorganized sector in National Income and Employment in India, case study

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References: 8. D, Gaurav., & M, Ashwini (2016), Indian Economy (72nd edition)

9. Puri, V, K,. & Mishra, S, K,. (2015) Indian Economy (33rd revised edition)

10. Kapila, Uma. (2017), Indian Economy: Performance and Policy 11. Kapila, Uma. (2017), Indian Economic Development since 1947. 12. Jalan, Bimal,. (2004), The Indian Economy: Problems and Prospects 13. Agrwal, A,N,. (2003), Indian Economy: Problems of Development and

Planning 14. Economic Survey, Various years, GOI 15. Report of the Committee on Unorganized sector statistics, GoI 16. Report of the National commission for enterprises in the unorganized

sector. (www.nceuis.nic.in)

http://www.nceuis.nic.in/

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Semester: II Indian Economy

Course Code: EC 2201 No. of Credits: 04


Objective:

The main objective of this paper is to introduce the student to basic understanding of the Indian economy and measurement of various macroeconomic variables.

Learning Outcome:

After studying this paper the student will be able to understand the Indian economy better and will get some idea about the problems faced by the economy.

Unit-1: Introduction to Indian Economy

Basic characteristics and features of characteristics of Indian Economy,

Economic Reforms from 1991 (Pro Capitalism), Liberalization, Privatization

and Globalization

Unit-2: Structure of Indian Economy

Concept of GDP, NDP, GNP and NNP and new concept of national income,

Methods of national income Estimation, Its limitations and uses,

Occupational structure and Economic development,

Unit-3: Agriculture

Role and Place in development of Indian Economy. Present status of Indian

Agriculture: Looming agricultural crisis, New Thrust areas in agriculture.

Concepts of Organic and corporate agriculture

Unit-4: Population

Demographic Profile: Size and growth of population, Density, state wise and

rural-urban distribution of population, Age and sex composition; Life

Expectancy and Literacy rate. Growth of Population-very Large size; Fast

growth rate, High Birth rate and its causes, Declining death-rate and it’s

causes, Demographic Transition and India’s population, India’s demographic

Stage, Recent Population Policy of Government of India.

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References:

17. D, Gaurav., & M, Ashwini (2016), Indian Economy (72nd edition) 18. Puri, V, K,. & Mishra, S, K,. (2015) Indian Economy (33rd revised

edition) 19. Kapila, Uma. (2017), Indian Economy: Performance and Policy 20. Kapila, Uma. (2017), Indian Economic Development since 1947. 21. Jalan, Bimal,. (2004), The Indian Economy: Problems and

Prospects

22. Agrwal, A,N,. (2003), Indian Economy: Problems of Development and Planning

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Semester -III

Microeconomics-1 Course Code: EC 3501 and EC 3101

No. of Credits: 04


Objective: The objective of this paper is to teach the students the basic concepts of consumer behavior and the firm’s behavior.

Learning Outcome:

After studying this paper the students will be able to understand how consumers and firms make decisions in the market.

Unit-1: Indifference curve analysis: Indifference curve: concept, schedule, diagram, characteristics, Marginal

rate of substitution, Concept of price line and changes in location and shape. Consumer’s equilibrium, Price effect, income effect and substitution effect, Derivation of the demand curve form indifference curve, Hicks’ concept of consumer surplus with indifference curve approach

Unit-2: Production function:

Meaning, short run and long run production functions, Law of variable

proportions, Isoquant and iso-cost curves and producer’s equilibrium, ridge lines and expansion path, economies and diseconomies of scale, Returns to scale, Break-even analysis.

Unit-3: Perfect competition and monopoly: Meaning and characteristics of perfect competition, pure competition,

short and long run equilibrium of firm and industry, Concept and characteristics of monopoly, types of monopoly, Equilibrium of firm under monopoly, Price discrimination: concept of first degree, second

degree and third degree. When price discrimination is possible and profitable, Concept of Peak load pricing, Lerner’s Index, equilibrium of discriminating monopoly firm, evils of monopoly.

Unit-4: Imperfect competition: Concept and characteristics of monopolistic competition, Equilibrium of

firm in short and long run under monopolistic competition, Selling cost and its impacts, Concept of Oligopoly, Chamberlin and Sweezy’s model of oligopoly. Concept of other forms of the market: Duopoly, Monopsony, Bilateral monopoly.

References:


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Semester III

Economy of Gujarat-I Course Code: EC-3502 and EC 3102

No. of Credits: 04


Objective: The main objective of this paper is to introduce the student to the basic understanding of the State level economy and measurement of various

macro-economic variables at State level. The purpose is also to provide the students an analysis of the economy at a micro level (State level) in

various sectors. Learning Outcome:

After studying this paper the students will be able to better appreciate and understand the performance of the State vis-à-vis that of the National Economy. They will also get basic understanding of the State of

Gujarat.

Unit-1: Introduction to Regional Economics: Importance of study on regional economics, Theories of regional development: Gunnar Myrdal, Hirschman, and Walter Izzard, Causes of

economic backwardness and regional imbalances, Indicators of regional imbalances, Policy measures to remove regional disparities, Forces

responsible for economic development of Gujarat. Unit-2: Profile of Gujarat: Demographic profile of Gujarat since 1960: birth rate, death rate, infant

mortality rate, fertility rate, longevity, gender ratio, maternal mortality, rate literacy rate, age composition, population in Gujarat, rural – urban distribution of population. Profile of Gujarat in the background of Indian

economy: state domestic product and share and growth rate of agriculture, industries and services since 1960.

Unit-3: Agriculture: Agro-climatic zones of Gujarat, Land utilization, productivity and crop pattern. Irrigation: large, medium and small, Sardar Sarovar Dam and its

role, Agricultural marketing in Gujarat. Unit-4: Industry: Industrial development of Gujarat since 1960: structural changes,

Industrial policy and industrial investment in Gujarat, MSMEs in Gujarat, Profile of various industries of Gujarat: 1) Textile industry 2) Chemical and

petrochemicals industries 3) Cement industry 4) Pharmaceutical industry 5) Diamond industry, Industry visit.

References: 1. Gujarat Infrastructure Development Board (Official Website) 2. Planning commission and CSO websites

3. Government of Gujarat, Ministry of Agriculture &Industry

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4. Government of Gujarat, Ministry of Health

5. Statistical Abstract of Gujarat State: Directorate of Economics & Statistics, GoG

6. Socio-Economic Review Gujarat, various years, Government of

Gujarat

Semester III

Economic Systems

Course Code: EC-3503 A

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No. of Credits: 04


Objective: The objective of this paper is to introduce the students to the basic

concepts and principles of various economic systems followed in different countries of the world.

Learning Outcome: After studying this paper the students will be able to understand various

economic systems followed in different countries vis-à-vis the democratic system adopted by India.

Unit 1: Economic system Characteristics of economic system, meaning, emergence and downfall of: Feudalism and Mercantilism, Emergence of free trade and capitalism.

Unit 2: Capitalism

Meaning, history, spirit and nature of capitalism, Institutions of capitalism: market mechanism – rationality, economic man, competition and profit motive, private property and inheritance, consumer’s

sovereignty Strengths and weaknesses of capitalism.

Unit 3: Socialism Main features of socialism: public ownership of property and means of production, centralized planning and equality, Emergence of communism.

Contribution of Karl Marx: theory of surplus, Failure of communism. Unit 4: Gandhian Economic Thought

Basic features of Gandhian economic thought: simplicity, morality, human approach, self-dependence, respect for labour, decentralization,

village industry, use of machines, principle of trusteeship, gram swaraj, sarvodaya, and Relevance of Gandhian economic thought.

References: 1. A Text book of Economic System-S. M. Israney

2. Economic Systems: Analysis & Comparison-Vaclav Holesovsky 3. Economic Systems: George N. Halm 4. The Economic System: Roger Weiss

5. The Economic System: Eleanor Doyle

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6. Sarvodaya: M. K. Gandhi

7. Hind Swaraj: M. K. Gandhi 8. Cent Percent Swadeshi: M. K. Gandhi 9. Capitalism, Socialism & Democracy: Josheph A. Shumpeter

Semester III Mathematical Economics-I

Course Code: EC-3503 B No. of Credits: 04


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Unit-1: Set and Functions

Concept of sets, set operations, relations and functions, domain, co-domain and range of a function, types of functions, limit of a function, limit theorems, continuity of a function.

Unit-2: Determinants and Matrices

Introduction, second order determinant, third order determinant, properties of determinant, minor and cofactor, solution of two simultaneous linear equations (Cramer’s rule), a system of three linear

equations, introduction to matrices, types of matrices, the determinant of a square matrix, inverses of a matrix.

Unit-3: Differentiation and integration Introduction, meaning of differentiation, rules of differentiation, second

order derivatives, minimum and maximum values of a function, partial derivatives, integration, rules of integration, definite integration.

Unit-4: Use of differentiation and integration in Economics Demand, supply, revenue and cost functions, Relationship between

average cost (AC) and marginal cost (MC), Elasticity of demand, cross elasticity of demand and income elasticity of demand, Relationship between average revenue (AR), marginal revenue (MR) and elasticity of

demand (Ed), conditions for cost minimization and profit maximization, concept of Keynesian Multiplier.

References:

1. Chiang and Wainwright (2017), Fundamental methods of Mathematical Economics

2. Dowling, T,E., (2011), Schaum's Outline of Introduction to

Mathematical Economics, 3rd Edition 3. Bose, D., (2015), An introduction to Mathematical Economics

4. Allen, R,G,D,. (2008), Mathematical Analysis for Economics 5. Sydsaeter (2002), Mathematics of Economic Analysis 6. Roser, Mike., (2003), Basic Mathematics for Economists

Semester-IV Microeconomics-II

Course Code: EC-4501 and EC 4101 No. of Credits: 04


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Objective:

The objective of this paper is to teach the students how prices of various factors of production are decided and the role of information in decision making. The students will also be introduced to the basic premises of

normative economics-welfare economics. Learning Outcome:

After studying this paper the students will be able to understand how prices of factors of production are determined in a competitive market. They will also get a basic understanding of the premises on which the

normative economics have developed. Unit-1: Factor pricing-1:

Concepts of productivity: Total, average and marginal productivity, Marginal productivity theory of distribution, Euler’s theorem and Product exhaustion problem or adding up problem, collective bargaining theory,

Wage determination in perfect competition and monopoly, Ricardian and modern theory of rent and quasi rent. Unit-2: Factor pricing-2

Definition of interest, Concepts: Prime lending rate, natural and market rate of interest, bank rate, repo rate and reverse repo rate. Theories of

interest: classical theory, loanable fund theory and Keynesian liquidity preference theory. Concepts of profit: gross, net, normal and super normal profit. Theories of profit: J. B. Clark, Prof. Schumpeter, and Prof. Knight.

Unit-3: Welfare economics: Concept of general and economic welfare, Pigou’s welfare economics,

Pareto’s concept of welfare and optimality, Kaldor-Hicks Welfare Criterion, Sctiovsky Paradox, Samuelson’s theory, Bergson’s social welfare function, Welfare effect of direct and indirect taxes, Subsidies versus

Lump-sum income grant. Unit-4: Information Economics and Game Theory: Introduction, value of information, asymmetry information and hidden

information, markets with asymmetric information: signalling, adverse selection, moral hazard. Asymmetric information in labor market:

efficiency wage theory. Game theory: cooperatives and non-cooperative games, prisoner’s dilemma and zero sum game. References:





5. Salvatore, D. (2003), Microeconomics, Schaum’s Outline (4th

edition)


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Semester -4 Economy of Gujarat-II

Course Code: EC-4502 and EC 4102 No. of Credits: 04


Objective:

The main objective of this paper is to introduce the student to the basic understanding of how the resources are generated and disbursed at the state and local level, the cooperative movement in Gujarat and specific issues

related to socio-economic development in the Gujarat state.

Learning Outcome: After studying this paper the students will be able to better appreciate and understand the process of revenue generation and distribution at the micro

level, the role of cooperative movement in the economic development of the state and the socioeconomic issues at the state level.

Unit-1: Infrastructure: Economic infrastructure: Trends and policies of water, energy, transport, Ports,

telecommunications, Social infrastructure: Trends and policies of health and education in Gujarat and Human Development in Gujarat. Unit-2: Cooperative movement in Gujarat:

Cooperative movement in Gujarat, structure of cooperatives, milk producing cooperative and white revolution, agricultural credit and non-agricultural credit cooperatives, urban cooperatives banks in Gujarat

Unit-3: State finances: Overview of budgets of Government of Gujarat: trends in income and

expenditure of government of Gujarat, trends in Revenue Deficit, fiscal Deficit and public debt in Gujarat, Gujarat Fiscal Responsibility Act 2005. Unit-4: Specific Issues:

Economic backwardness in Gujarat: I G Patel and Cowlagi committee report. Issues: Poverty, unemployment, Industrial and agricultural labour, Pollution

in Gujarat, Problems of tribal population and state’s policy for tribal: Vanbandhu Kalyaan Yojana, initiative of disaster management in Gujarat and its policy.

References:

1. Gujarat Infrastructure Development Board 2. Planning commission and CSO websites 3. Government of Gujarat, Ministry of Agriculture &Industry

4. Government of Gujarat, Ministry of Health 5. Statistical Abstract of Gujarat State: Directorate of Economics &

Statistics, GoG

6. Socio-Economic Review Gujarat, various years 7. Human Development Report: Indira Hirway and Darshini Mahadeviya

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8. Gujarat Pollution Control Board

Semester -4 Economics of Development

Course Code: EC-4503 A

No. of Credits: 04 Learning Hours: 60 hrs

Objective:

The main objective of this paper is to introduce the student the meaning, concept and issues related to sustainable development and the role of

governance and human rights in the process of economic development. Learning Outcome: After studying this paper the students will be able to better appreciate and

understand the importance and role of governance and human rights in the economic development of a country.

Unit 1: Sustainable Development Concept and components of sustainable development: economic, social and environmental components, sustainable development and its relationship

with natural resources, Brundtland Commission Report: Agenda-21, Indicators of sustainable development. Unit 2: Governance and Development

Administration, management and governance, Characteristics of good governance, Accountability: meaning and actors. Participation: meaning,

principles, structure, types, strategy, barriers and threats. Transparency: meaning and relation to corruption, Participatory development. Unit 3: Human Rights and Development

Concept, Concept of Human capital, Factors affecting human capital:

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education and health, Universal Declaration of Human Rights and characteristics of human rights. Right to development: declarations of 1966,

1969 and 1986, Fundamental Rights and Directive Principles of the State in Indian Constitution and their relative importance. Measures suggested

achieving human rights for all. Unit 4: Common Property Resources Concept and definition, Characteristics of private property and common

property, Problems related with common property: land, water and forest. References:

1. Economics of Development: Michel P. Todaro

2. Leading issues in Economic Development: Meier G.M

3. Development & Planning-Theory & Practice: Mishra &Puri

4. Economic Development & Planning: M.L. Jhingan

5. Economic Development: Michael P. Todaro & Stephen C. Smith

6. Environmental Economics: Hanley & Others

7. Environmental Economics: U. Shanker

8. Managing Common Pool Resources: Kartar Singh

9. Environmental & Natural resources Economics-Theory 7 Policy:

Steven C. Hackett & Michael C. Moore

10. Our Common Future: Brundbtland Commission Report, 1987-UNEP

11. The Theory of Economic Development: Joseph Schumpeter

Semester IV

Mathematical Economics-II

Course Code: EC-4503 B No. of Credits: 04


Unit-1: The Theory of Consumer Behavior Mathematical treatment of cardinal utility theory, Utility function, Indifference curve and Marginal Rate of Substitution, MRS and marginal

utility, Budget constraint, Mathematical derivation of consumer’s equilibrium, Derivation of demand curve.

Unit-2: Theory of production Production function, Isoquant and Isocost, Producer’s Equilibrium: Cost

minimization for a given output and Output maximization with a given cost, Derivation of the long-run cost function, Elasticity of output, Cobb-Douglas

production function, Properties of Cobb-Douglas production function, Euler’s theorem, and CES production function

Unit-3: Price Determination Profit function, Price determination in different markets: Perfect Competition, Monopoly, Price discrimination and Elasticity of demand,

Consumer’s surplus and producer’s surplus, effects of tax on price and output in market.

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Unit-4: Game Theory Concept of duopoly and game theory, models of duopoly: Cournot, Bertrand

and Stackleberg, concept of reaction curves, Prisoners’ dilemma, concept of dominant strategy and Nash equilibrium, zero sum game and battle of sexes,

repeated games and grim trigger strategy and tit for tat strategy.

References: 1. Chiang and Wainwright (2017), Fundamental methods of

Mathematical Economics 2. Dowling, T,E., (2011), Schaum's Outline of Introduction to

Mathematical Economics, 3rd Edition 3. Bose, D., (2015), An introduction to Mathematical Economics 4. Allen, R,G,D,. (2008), Mathematical Analysis for Economics

5. Sydsaeter (2002), Mathematics of Economic Analysis 6. Roser, Mike., (2003), Basic Mathematics for Economists 7. Martin, Osborne., (2016), A Course in Game Theory

8. Barron, E,N,. (2009), Game Theory: An Introduction 9. Binmore (2007), Game Theory: A Very Short Introduction

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Semester: V Macroeconomics


Learning Hours: 60 hrs Objective: The main objective of this paper is to introduce the student to the basic

understanding of how the economy operates at the macro level. Learning Outcome: After studying this paper the students will be able to better understand the

economy at the macro level. UNIT-1: Value of Money Meaning, Construction of Price Index Numbers and its limitations,

Quantitative theory of money: Fisher’s and Cambridge versions, comparison

between quantitative theory and cash balance theory of money, Milton

Friedman’s Restatement on Quantity Theory of Money.

UNIT-2: Income, Employment and Under-Employment Classical theory of full employment equilibrium, Say’s Law of Market,

Keynes’ Psychological law of consumption, consumption function, marginal

propensity to consume and save, Keynesian effective demand and

underemployment equilibrium, Inflationary and deflationary gap, Concept of

multiplier and accelerator.

UNIT-3: Inflation and Depression Meanings of inflation, stagflation and depression, Types, causes and effects

of inflation, Control of inflation: monetary, fiscal and direct control

measures, Phillips Curve, Monetarism and Rational expectations, Rule vs.

discretion debate in the use of monetary policy, Project work: mechanism to

manage inflation, Fiscal or Monetary? UNIT-4: Trade Cycles Nature, characteristics and stages of trade cycles, Theories on Trade Cycles: Hawtrey, Hicks, Hayek and Wicksell. References: 1) Mankiw, G. (2012), Principles of Macroeconomics-

2) Ahuja, H,L,. (2016), Macroeconomics 3) Jinghal, M,L. (2016), Macroeconomic Theory

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4) Froyen (2013), Macroeconomics 5) Blanchard, Oliver. (2008), Macroeconomics (4th edition)

6) Fischer & R, Dornbush (2017), Macroeconomics

Semester: V International Economics Course Code: EC 5502


Objective:

The main objective of this paper is to introduce the student to the theories

of international trade and exchange rate determination and meaning and

issues related to balance of payment and the role of WTO in the in the

international trade.

Learning Outcome:

After studying this paper the students will be able to better appreciate and

understand why and how the trade between countries takes place and what

the role of WTO is in international trade.

UNIT-1: Theories of International Trade Meaning and importance of international trade, Concepts of absolute

differences in cost, comparative differences in cost and equal differences in

cost, Theories of international trade: Adam Smith, David Ricardo, Hecksher-

Ohlin, J.S. Mill’s Reciprocal Demand Theory, Concepts of terms of trade.

UNIT-2: Trade and WTO Free trade vs. protectionism, Infant Industry, employment and BoP

arguments against free trade, Project: Impact of free trade on local

community based livelihoods and businesses, GATT and WTO, Principles of

WTO, TRIPs, TRIMS, India and WTO, Project based debate: Relevance of WTO

in today's world economy.

UNIT-3: Exchange Rate Fixed, Flexible and Floating Exchange Rates, Theories on Exchange Rate

Determination: Purchasing power parity and Balance of Payment (Demand

and Supply) theories

UNIT-4: Balance of Payments Meaning, Current, capital and reserve accounts, Balance of payments and

balance of trade, Causes and remedies of imbalance, Devaluation and

depreciation of currency.

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References: 1) Krugman, Paul (2013), International Economics: Theory and Policy (8th

edition) 2) Jhingan, M,L. (2016), International Economics 3) Sodersten Bo: International Economics

4) Salvatore, Dominick. (2014) International Economics: Trade and Finance (11th edition)

Semester: V Indian Economy-III



Objective:

The main objective of this paper is to introduce the student to basic

understanding of the banking and financial system, the concept and

meaning and role of budget, the problem of poverty and unemployment and

various economic policies of Government of India. Learning Outcome:


understand the role of the banking and financial institutions, the process of

and issues related to the making of a government budget and the role of

government policies especially in relation to the poverty alleviation and

creating more employment opportunities in the country.

Unit-1: Banking and Financial Institutions Nationalized banks, Private banks, Regional Rural Banks, NABARD and

SIDBI, National and state financial institutions, Role of NBFCs, Unorganized

money market in India.

Unit-2: Budget

Last five years’ trends in - Sources of income of GOI, GST, Expenditure:

revenue and capital, plan and non-plan, development and non-development.

Deficits: revenue, capital, budgetary, fiscal and primary. Deficit financing in

India, FRBM Act and its major provisions, Latest budget of GOI, The

importance of subsidies in creating social equity and the various strategies

to manage subsidy benefits.

Unit-3: Poverty and Unemployment

11

Definition of poverty, measures of poverty: Dandekar and Rath committee,

Tendulakar committee, C. Rangrajan committee, Rural-urban divide, Trends

in poverty reduction, Trends in various types of unemployment in India.

Unit-4: Policies of Government of India

Agriculture policies of GOI, Major provisions of SEZ, Foreign Trade Policy

2015-20, FDI and FII policies of GOI, Administered prices mechanism:

minimum support price, procurement price and issue price.

References:

23. D, Gaurav., & M, Ashwini (2016), Indian Economy (72nd edition)

24. Puri, V, K,. & Mishra, S, K,. (2015) Indian Economy (33rd revised edition)

25. Kapila, Uma. (2017), Indian Economy: Performance and Policy 26. Kapila, Uma. (2017), Indian Economic Development since 1947. 27. Jalan, Bimal,. (2004), The Indian Economy: Problems and Prospects 28. Agrwal, A,N,. (2003), Indian Economy: Problems of Development and

Planning

29. Economic Survey, Various years, GOI

Semester: V

Managerial Economics-I Course Code: EC 5504 A


Objective: The main objective of this paper is to introduce the student to the basic

understanding of how various managerial decisions are taken at the firm

level.

Learning Outcome: After studying this paper the students will be able to better appreciate

and understand the process of managerial decision at the firm level

and the various objectives that the firms try to fulfil.

Unit-1: Introduction Meaning, definition, nature and scope of managerial economics, Role of

economist in management, Decision making process, Case Study Method,

Incrementalism and marginalism, Opportunity cost, Operation Research.

Unit-2: Demand Estimation and Forecasting: Demand function, factors affecting demand, demand of different types of

goods: Producer’s goods vs. consumer goods, durable goods vs. perishable

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goods. Derived demand vs. autonomous demand, industry demand vs.

company demand, Concepts of demand estimation and forecasting, Methods

of demand forecasting: Consumers’ Survey method, Experts’ opinion, Trend

Projection: Time series, barometric indicators, Correlation and Regression

Method, criteria of good forecasting method.

Unit-3: Pricing Pricing over the life-cycle of a product, pioneer pricing: steps in pioneer

pricing: 1) Estimate of demand 2) Decision on market targets, design of

promotional strategy 3) choice of channel of distribution, polices for pioneer

pricing: Skimming and Penetration Price, price leadership, cost plus pricing,

mark-up pricing, inadequacies and justification of cost-plus pricing.

Unit-4: Firm and Its Objectives Forms of business organizations: Sole Proprietorship, Partnership, Joint-

stock companies, Objectives of a business firm: Profit maximization,

Baumol’s Sales Revenue Maximising Model, Managerial Utility Models

References: 1) Managerial Economics: P.L. Mehta 2) Salvatore, Dominick. (2016), Managerial Economics: Principal and

Worldwide applications 3) Mithani, D, M. (2016), Managerial Economics 4) Ahuja, H,L. (2016), Managerial Economics

5) Chaudhary, P., & Geetika, G. (2011), Managerial Economics 6) Dwiwedi, D,N,. (2015), Managerial Economics

Semester: V

Agriculture Economics Course Code: EC 5504 B


Objective: The main objective of this paper is to introduce the student to the importance

and role of agriculture in the India’s economic development. Learning Outcome: After studying this paper the student will be able to understand how the

development of the agriculture sector is important for the economic

development and what are the problems faced by the Indian agriculture

sector.

Unit-1: Introduction

11

Agriculture and Economic Development: Meaning, Nature and scope of

agriculture and rural economics. Role of agriculture in economic

development of India, Project on Land Bill: The issue of growing conflicts in

the usage of land: agriculture versus industry.

Unit-2: Demand and Supply In Agriculture Agriculture Demand and Supply, Special characteristics of agriculture demand. Supply function.

Unit-3: Agriculture Finance

Agriculture finance- organized and unorganized finance

Unit-4: Agriculture Labor

Agriculture Labor, Characteristics of agriculture labor, Unemployment in

agriculture sector, steps taken by government to remove it.

References:

1) R.L. Sony, Agriculture Economics 2) Indian Economy: Misra & Puri 3) Indian Economy : Dutt R. & K.P.M. Sundaram 4) Indian Economy: M.L. Jhingan 5) Indian Economy Since Independence: Uma kapila 6) The Indian Economy-Environment & Policy: Dhingra I. C. 7) Krushi Arthashastra, Granth Nirman Board Gujarat University 8) Krushi Arthashastra na Padkaro Granth Nirman Board Gujarat

University

Semester: V

Economics of Cooperation Course Code: EC 5504 C


Objective: The main objective of this paper is to introduce the student to basic

understanding of the concept, importance and development of co-operative

movement in India.

Learning Outcome: After studying this paper the students will be able to better appreciate and

understand the role of co-operative movement in the economic development

of India.

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Unit 1: Meaning and Definition Principles, Conditions for success, Comparison with other systems:

capitalism, socialism, trade unions, partnership, joint stock

companies, public sector enterprises.

Unit 2: Co-Operative Movement in India Major legislative provisions, Multi state co-operatives structure in India,

State and cooperatives in India, Formation and functioning of co-operatives,

Problems and prospects in the age of globalization.

Unit 3: Co-Operative Societies Credit: agricultural and non-agricultural. Agricultural marketing and

processing, milk producers, consumers, industrial, labor.

Unit 4: Co-Operative Banking Primary credit societies, district co-operative banks, state co-operative

banks, national cooperative bank, urban co-operative banks, Regulation by

RBI. International Co-operative Banks Association

References:

1) Sahkar Darshan (Gujarati): Himatlal Mulani

11

Semester: V Economics Essays-I

Course Code: EC 5505 A No. of Credits: 04


Objective:

The main objective of this paper is to introduce the student to economic

essay writing and also expose them to the economic ideas of noble laurite

Dr. Amartya Sen, the role of education and health and importance of

international financial institutions in the economic development of the

developing countries.

Learning Outcome:


understand the economic ideas of Dr. Amartya Sen, the role of education

and health and how the international financial institutions have affected the

economic development of the developing countries.

(1) Amartya Sen’s Economics (2) Gandhian Economic Thoughts (3) Economics of education with reference to developing economies (4) Economics of health with reference to developing economies (5) IMF, IBRD and ADB (6) Regional trade agreements: NAFTA, SAFTA, EU.

Semester: V

Econometrics-I Course Code: EC 5505 B


Objective: The main objective of this paper is to introduce the student to the concept

of various statistical methods and its uses in economics.

Learning Outcome: After studying this paper the student will be able to understand the

difference between economic and econometric models and they are able to

use some statistical techniques in research.

Unit-1: Introduction to Econometrics

11

Meaning of econometrics, methodology of econometrics, difference between

economic and econometric models, estimation of econometric model,

hypothesis testing, forecasting or prediction, use of models, types of

econometrics

Unit-2: Hypothesis Testing

Hypothesis testing: meaning and construction of hypothesis Type I and

type II error, One tailed and two tailed tests, level of significance, power of

a test, Z-test, t-test, F-test and ANOVA and Chi square test, Correlation.

Unit-3: Regression Analysis I

Introduction, stochastic and non-stochastic relations, reasons for inclusion

of the

random variable, assumptions of the simple regression model, ordinary

least squares (OLS) estimation, Properties of OLS estimators, Goodness of

fit (r2), Testing of hypothesis.

Unit-4: Regression Analysis II

Concept of multiple linear regression, violation of the OLS assumptions

and problems of hetroscadisticity, autocorrelation and multicollinearity

References: 1) Gujarati, Damodar., & Porter, D,. (2017), Essentials of Econometrics 2) Gujarati, Damodar. (2016), Econometrics by Examples

3) Koutsotyiannis, A. (2001), Theory of Econometrics 4) Wooldridge, J. (2014), Introductory Econometrics-A Modern Approach

5) Greene (2003), Econometric Analysis

Semester: V

Growth and Development Course Code: EC 5505 C



of growth and development and basic growth models. Learning Outcome:

11

After studying this paper the student will be able to understand the

difference between growth and development and also why some countries

have grown faster than others.

Unit-1: Introduction Ricardo's Growth Model, An overview of Classical Theory of Growth – Adam

Smith and Robert Malthus.

Unit-2: Theories of Economic Growth Harrod Domar Model – Balanced Growth Model: Nurkse Model, Unbalanced Growth Model Hirschman Model-meaning. Model of development: Jagdish

Bhagwati versus Amartya Sen.

Unit-3: Obstacles in Growth & Development Poverty: Meaning, Relative and Absolute Poverty, Causes and its Economics Effects-Population: Birth rate and Death rate and its Economic

effects – Unemployment: Types and Economic Effects.

Unit-4: Development and Environment Sustainable Development – Pollution: Types and Causes- Regional Inequality- Income Inequality- Dualism Development and Climate Change – Kyoto

Protocol: Its significance – Carbon Credit – Concept of Biodiversity.

References: 1) Economics of Development: Michel P. Todaro 2) Leading issues in Economic Development: Meier G.M. 3) Development & Planning-Theory & Practice: Mishra & Puri 4) Economic Development & Planning: M.L. Jhingan 5) Economic Development: Michael P. Todaro & Stephen C. Smith 6) Environmental Economics: Hanley & Others 7) Environmental Economics: U. Shankar 8) The Theory of Economic Development: Joseph Schumpeter 9) A Strategy for Development: Hirschman

Semester: VI

Public Economics Course Code: EC 6501


Objective:

11

The main objective of this paper is to introduce the student to the basic

understanding of and the role played by Central government through its

various economic policies in the economic development of the country.

Learning Outcome:


understand the economic policies of the Central government and their role

in economic development.

UNIT-1: Introduction to Public Finance Definition, objectives and scope of public finance, difference between Private

and public economy, Market failure and need for government’s intervention,

Characteristics of Private goods, public goods, merit goods, Spill-over effects.

UNIT-2: Sources of Income Taxation: direct tax, indirect tax and GST, types of taxes: progressive,

regressive and proportional, arguments in favor of progressive tax and its

limitations, sources of income other than taxation: Debt, Deficit financing,

profits from public enterprises, privatization of public sector units,

miscellaneous sources such as fees, royalties, etc, advantages and

disadvantages of deficit financing.

UNIT-3: Taxation Objectives of taxation, Theories of taxation: ability and benefit, burden of

tax, tax shifting, tax capitalization and tax incidence, tax incidence with

varying elasticity, factors affecting tax incidence, Effects of taxation on

production, employment and distribution.

UNIT-4: Public Expenditure and Public Debt Causes of increase in public expenditure, Effects of public expenditure on

production, employment and income distribution, Public Debt: Meaning,

definition, types and causes of public debt. Effects of public debt, Burden of

debt: Lerner and Buchanan.

References: 1) Bhatia, A. (2003), Public Finance 2) Singh, S,K. (2010), Public Finance in Theory and Practice

3) Jha, R,K. (2012), Public Finance 4) Jhingan, M,L. (2013), Money Banking International Trade and Public

Finance

5) Ghosh and Ghosh (2014), Public Finance 6) Musgrave and Musgrave (2017) Public Finance in Theory and Practice 7) Kennedy, J,M,M. (2012), Public Finance

Semester: VI Environmental Economics

11



Objective:


understanding of the environmental economics.

Learning Outcome:


understand the importance and role of environment in the economic

development.

Unit-1: Environment

Meaning of environment, ecosystem and ecology, Relationship between

environment and economic development, Causes and effects of

environmental degradation, Measures to reduce environmental degradation.

Unit-2: Basic Concepts in Environmental Economics Laws of thermodynamics, capital theory, uncertainty and irreversibility,

social cost-benefit analysis, carrying capacity, Productive, aesthetic and

option values of environmental goods, Environmental valuation: Travel cost

method, Hedonic pricing and contingent valuation method.

Unit-3: Pollution Control Command and control: advantages and disadvantages. Market based or economic instruments: Pigouvian Taxes and subsidies, Pareto optimal solution for a

polluting industry, Pollution permits. Environmental externalities: The

problems and solutions, common property issues and free riding, Coase

Theorem.

Unit-4: Environmental Management Global Warming or Greenhouse effects, causes for global warming,

consequences of global warming, deforestation and desertification, depletion

of ozone layer and its effects, protection and maintenance of ozone layer,

environmental consequences of acid rain, concept of biodiversity and its

preservation.

References:

1) Ahmed M. Hussein (2004), Principles of Environmental Economics:

11

2) Jhingan, M,L. (2009), Environmental Economics 3) Field, Barry. (2012) Environmental Economics-An Introduction: 4) Hanely (2006), Environmental Economics: In theory and Practice 5) Environmental & Natural Resources Economics-Theory & Policy:

Steven C. Hackett & Michael C. Moore 6) Singh, Katar., & Sisodiya, Anil. (2007), Environmental Economics :

Semester: VI

Indian Economy-IV Course Code: EC 6503


Objective: The main objective of this paper is to introduce the student to the basic

understanding and role of planning and various economic policies of the

government.

Learning Outcome: After studying this paper the students will be able to better appreciate and

understand the role and process of planning and how monetary and fiscal

policies affect the economy.

Unit-1: Monetary Policy and Fiscal Policy Meaning, objectives and effectiveness of monetary policy, Quantitative

instruments: BR, RR, RRR, CRR and SLR, Open market operations, Selective

Credit Control, RBI’s latest movements, Meaning, objectives and effects of

Fiscal Policy, GOI’s fiscal policy.

Unit-2: Federal Finance

Constitutional provisions, Issues in center-state finance relations. Issues in

state-local bodies finance relations, Issues in Government of India and local

body’s relations, Latest Finance Commission’s report.

Unit-3: Disaster Management and Financing Concept of Disaster Management, Components of disaster management:

prevention, preparedness, rescue, relief and rehabilitation. Local, state and

national level system of disaster financing in India: CRF, NCRF a. Issues in

disaster financing.

Unit-4: Planning Concept of planning, strategies of planning in India, evaluation of five year

plans,

11

NITI Aayog, and National Development council of India, Decentralized planning, Micro planning,

REFERENCES 1. D, Gaurav., & M, Ashwini (2016), Indian Economy (72nd edition) 2. Puri, V, K,. & Mishra, S, K,. (2015) Indian Economy (33rd revised

edition) 3. Kapila, Uma. (2017), Indian Economy: Performance and Policy 4. Kapila, Uma. (2017), Indian Economic Development since 1947. 5. Jalan, Bimal,. (2004), The Indian Economy: Problems and Prospects 6. Agrwal, A,N,. (2003), Indian Economy: Problems of Development and

Planning 7. Economic Survey, Various years, GOI

11

Semester: VI Managerial Economics-II Course Code: EC 6504 A


Objective:


understanding of role of advertisement, capital budgeting and cost-revenue

analysis of the firm.

Learning Outcome:


understand the importance and process of capital budgeting and advertising

for the firm.

Unit-1: Advertising Meaning and nature of advertising budget, methods for determining

advertisement budget, Socio-economic effects of advertising, Measurement

of the economic effects of advertising, Analysis of the role of selling cost,

Limitations.

Unit-2: Capital Budgeting Demand for capital: nature of demand for capital, principles of measuring capital earnings. Supply of capital: Internal and external sources, cost of capital, determination of firm’s cost of capital. Evaluation of investment proposals:

payback period method, internal rate of return method, discounted cash

flow.

Unit-3: Cost and Revenue Analysis Types of costs: economic cost, explicit and implicit costs, historical and

replacement costs, past and future costs, incremental and sunk costs,

fixed and variable costs, direct and indirect costs, common product costs,

urgent and postponable costs, private and social costs, total, average and

marginal costs, Use of break-even analysis as profit targeting and output

targeting.

Unit-4: Waiting-Line Problem and Inventory Control Waiting line problem or queuing theory: essential features of queuing

system, Meaning of inventory control, functional classification of inventories,

advantages of carrying inventory, and features of inventory system, relevant

inventory costs, and Economic Order Quantity (EOQ) model.

11

REFERENCES 1) Managerial Economics: P.L. Mehta 2) Salvatore, Dominick. (2016), Managerial Economics: Principal and

Worldwide applications 3) Mithani, D, M. (2016), Managerial Economics 4) Ahuja, H,L. (2016), Managerial Economics

5) Chaudhary, P., & Geetika, G. (2011), Managerial Economics 6) Dwiwedi, D,N,. (2015), Managerial Economics

Semester: VI Industrial Economics

Course Code: EC 6504 B No. of Credits: 04

Learning Hours: 60 hrs Objective: The main objective of this paper is to introduce the student to meaning and

role of industries in the economic development.

Learning Outcome: After studying this paper the student will be able to understand the types

of industries, industrial policy, its role and contribution in economic

development and types of firms and its objectives

UNIT-1: Introduction Meaning and types of industries-Tiny, cottage, small scale, medium scale

and large industries as per the Government of India’s latest industrial

polices

Unit-2: Meaning of Industrial Policy A brief review of Government of India’s industrial policy before economic

reforms-1956 & 1977 industrial policy, Industrial policy after 1991

Unit-3: Industrial Development A brief review of industrial development in India in last two decades,

Impact of disinvestment and decentralization on the industrial development

in India

Unit-4: Firm and Its Objectives

Forms of business organizations: Sole Proprietorship, Partnership, Joint-stock companies. Objectives of a business firm: Profit maximization, Baumol’s

Sales Revenue Maximizing Model, Managerial Utility Models

11

References: 1) Indian Economy : Dutt R. & K.P.M. Sundaram 2) Industrial Economics: R. R. Birthwal

Semester: VI Entrepreneurial Economics Course Code: EC 6504 C



and role of an entrepreneur in the economic development of a country.

Learning Outcome: After studying this paper the student will be able to clearly understand how

and why the development of an entrepreneurial class is important for

economic development.

Unit-1: Introduction

Meaning and functions of an entrepreneur

Unit-2: Theories of Entrepreneurship

Theories of entrepreneurship given by Joseph Schumpeter and Frank Knight

and Harvey Leibenstein, Peter Drucker

Unit-3: Role of An Entrepreneur

Role of an entrepreneur in economic development of a country-its role in

development and employment generation

Unit-4: Micro Finance

Micro finance and small and cottage industries: sources of

finance-organized and unorganized sources of micro finance.

REFERENCES 1) Tandon B.C., Environment and Entrepreneurship 2) Pandey I.M., The Indian Experience 3) K.K. Khakhar and Tushar Hathi, Fundamentals of Entrepreneurship 4) Dynamics of Entrepreneurial Development & Management, Desai

Vasant

11

5) The Entrepreneur in theory and practice, Anders Lundstrom and Lois Stevenson

Semester: VI

Economic Essays-II Course Code: EC 6505 A


Objective:

The main objective of this paper is to introduce the student to economic

essay writing and also expose them to the recent trends of Indian economy.

Learning Outcome:


understand the recent problems and economic ideas of micro finance,

parallel economy, urbanization etc.

(1) Regulatory agencies in India: SEBI, TRAI, IRDA, ERC. (2) Micro credit and micro insurance in India (3) Parallel economy in India (4) Child labor in India (5) Urbanization and migration in India (6) Social security: concept, practice and issues in India.

References: 1) Indian Economy: Misra & Puri 2) Indian Economy : Dutt R. & K.P.M. Sundaram 3) Websites of SEBI, TRAI, IRDA & ERC

11

Semester: VI Econometrics-II

Course Code: EC 6505 B No. of Credits: 04



of various statistical methods and its uses in economics.

Learning Outcome: After studying this paper the student will be able to understand the

difference between economic and econometric models and they are able to

use some statistical techniques in research and they will learn about SPSS.

Unit-1: Regression on dummy variables

The nature of dummy variables, regression on the quantitative variables and

one qualitative variable, with two classes, regression on the quantitative

variables and one qualitative variable, with more than two classes.

Unit-2: Dynamic Econometrics Models: Autoregressive and Distribute-Lag Models

Uses of lag in economics, the reasons for lags, seasonal variations,

estimation of distributed model by assigning arbitrary values to weights of

lagged variables, methods of distributed lagged models: The Almon approach

and the Koyck approach

Unit-3: Introduction to SPSS-I

Entering data, variable, variable labels, value labels and missing values,

Cross tabulation, exploring data, frequency distribution, descriptive

statistics and graphic representation of the distribution

Unit-4: Introduction to SPSS- II

Practical of correlation and regression analysis using SPSS

References: 1) Gujarati, Damodar., & Porter, D,. (2017), Essentials of Econometrics

11

2) Gujarati, Damodar. (2016), Econometrics by Examples

3) Koutsotyiannis, A. (2001), Theory of Econometrics 4) Wooldridge, J. (2014), Introductory Econometrics-A Modern Approach

5) Greene (2003), Econometric Analysis 6) Pandya, K., Bulsari, S., & Sinha, S. (2012), SPSS in simple Steps

7) Carver, H. (2013), Doing Data Analysis with SPSS

Semester: VI Economic Thoughts

Course Code: EC 6505 C No. of Credits: 04


Objective:

The main objective of this paper is to introduce the student to

the basic understanding and development of various economic

thoughts.

Learning Outcome:

After studying this paper the students will be able to better appreciate

and understand the various schools of economic thoughts and their

underlying logic.

Unit-1: Indian Economic Thought

Kautilya, Shanti Parva of Mahabharat, Gandhi, Vinoba Bhave, B. R.

Ambedkar, Jayprakash Narayan, Ram Manohar Lohia, Dindayal

Upadhyay.

Unit-2: Early Classical and European Thought

Plato and Aristotle, Adam smith, Jeremy Bentham, J. B. Say, J. S.

Mill, Robert Malthus, David Ricardo

Unit-3: Neo-Classical and New Thought

Neo-classical: Marginalism, Austrian School, John Maynard Keynes

and Keynesian economics, Institutionalism and Monetarism

Unit-4: Marxism

Karl Marx’s ideas on surplus value, labor theory of value,

Significance and criticism

11

REFERENCES 1) A History of Indian Economic Thought: Ajit Kumar Dasgupta

Documents

Semester: I Elementary Economics-I Course Code: …1 Semester: I Elementary Economics Objective: -I Course Code: EC 1501 and EC 1101 No. of Credits: 04 Learning Hours: 60 hrs The objective